VA Loans

Proud to be a 2017 Top VA Lender for exceptional loan quality & customer service.

Who is the Best VA Loan Lender?

When answering this question, one should consider if the lender offers:

  • No origination fees
  • No lender fees*
  • In-house processing for faster closing times
  • Veteran loan officers who fully understand your situation

North American Savings Bank (NASB) offers all of the above, and we believe this makes us one of the best banks to handle your VA loan.  

NASB offers great rates on safe and affordable finance products. We will help you determine if you are eligible for VA financing and, if you qualify, we will provide you with quick and hassle-free approval.

*NASB does not charge lender fees on VA home loans; however, fees payable to third party service providers are still required. 

VA Approved Lenders

Earning the privilege to lend to our brave men and women is an honor we take seriously here at NASB. VA-approved lenders adhere to the highest standards of financial practice and we work extra hard to ensure a comprehensive experience for military borrowers. Our dedicated loan consultants are dedicated to giving you the best bank lending services during your mortgage process, but don't just take our word for it. Read the thousands of reviews written by our customers.

What is a VA Loan?

VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA) who allows qualified Veterans or Active-Duty personnel to finance up to 100% of the purchase price.

VA loans are only available for eligible U.S. military service members: Reservists, National Guard Members, Veterans, and their spouses. The purpose of the VA loan program is the same as that of its FHA counterpart; to enable affordable home ownership.

 

What are the Benefits?

No Lender Fees*, No Down Payment, No Private Mortgage Insurance

NASB charges no lender fees to those who finance or refinance their mortgage with a NASB VA loan. This will require less cash for you to close on a new home and result in lower monthly payments. So, if  comparing rates, be sure to check whether other lenders are charging lender fees or points, such as a 1% origination fee, loan processing surcharges, funding fees, underwriting fees, or other hidden costs. 

Streamlined Refinance Program

NASB offers homebuyers the ability to refinance in the future at a substantially reduced cost. The VA Streamline Refinance, or what is commonly referred to as the IRRRL (Interest Rate Reduction Refinance Loan), allows qualified borrowers to refinance to a lower interest rate or reduced term. Additionally, qualified VA borrowers may not have to obtain a new appraisal or re-qualify for a new VA loan. We can also do cash-out refinance, if you are wanting to access cash for home repairs, a second home, college tuition, or whatever you choose.

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*NASB does not charge lender fees on VA loans; however, fees payable to third party service providers are still required. 

What are the Requirements?

Am I Eligible for a VA Loan?
approved va bank

There are several detailed qualifications for VA Loan eligibility that depend on your military status and experience.  Generally speaking, those who are eligible for VA mortgage loans include: Veterans of the U.S. Military, Active-Duty personnel, Reservists or National Guard members, and some surviving spouses.  For a detailed list of qualifications, please visit the Department of Veterans Affairs website.  

What are the Requirements?

Even though you may be eligible for a mortgage based on your service, there are also certain VA lender qualifications that must be met in order to be approved.  As a lender, NASB will consider the following when evaluating your application:    

  1. Employment Verification - We need proof of two years of steady employment; preferably with the same employer.
  2. Income - The last two years of income should be either at the same level or higher.  
  3. Credit Score - Your credit report should have less than two 30-day late payments in the last two years, and show a minimum credit score of 620.
  4. Bankruptcy - You must be at least two years past any bankruptcy discharge date, and have a qualified credit score since the discharge.   
  5. Foreclosures - Any foreclosure must be at least two years old, and you must have perfect credit following the foreclosure date.  
  6. Inspection - The home you are purchasing or refinancing will be subject to inspection and appraisal to determine the marketability and verify the current market value will be sufficient collateral to secure the loan.

Other conditions for your mortgage may apply; contact a NASB consultant for more information. 

Loan Limits

The VA home loan program imposes a maximum amount in which they will finance up to 100%. That limit is $424,100 in most counties, however a VA loan is eligible for 100% financing all the way up to $729,750 if the Veteran lives in a high-cost county. Each high cost county has their own limit so please ask your loan consultant for more details.

Veterans who qualify may borrow up to 100% of the purchase price of the home, without mortgage insurance being required. Compared to a conventional or FHA loan, a VA loan can save you thousands of dollars over the life of the loan just by eliminating the need for home mortgage insurance. 

It is also possible to finance more than the designated VA county loan limit if you are willing to put a percentage of money down as a down payment. Please ask your NASB loan consultant for more details.

Learn more about getting pre-qualified.


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About NASB

NASB is a federally regulated savings bank supervised by the Office of the Comptroller of the Currency, a department of the U.S. Treasury. As a supervised Federal Savings Bank, NASB is subject to annual on-site examinations for safety and soundness, and compliance. These annual lender examinations ensure NASB is operating in a prudent manner to ensure the financial security of depositors as well as to ensure NASB is serving all of its customers ethically and in compliance with all applicable laws and regulations governing its financial services.

All NASB Loan Consultants are registered under the S.A.F.E. Act and are thoroughly trained in VA home mortgage lending and compliance. Each Loan Consultant must complete annual mortgage lending and compliance training, and meet or exceed testing requirements to maintain their eligibility to serve our customers.

Top VA Lender 2017